A Shanxi official reportedly sold to his brother-in-law a state-owned coal mine worth 200 million yuan (HK$2.5 million) for only 375,000 yuan, Xinhua reported on Wednesday.

Li Xinsheng in 2007 oversaw a transaction in which a local commerce bureau sold state-owned coal mine in Baode county, Shanxi province, to three buyers. One of the buyers turned out to be Li’s brother-in-law.

The head of China's state-owned military and civilian aviation company said the privatisation of state-owned enterprises was part of a foreign conspiracy to shake the foundations of the Communist Party.

Harold Macmillan, one of the most interesting British prime ministers, was quoted accusing Margaret Thatcher of 'selling the family silver' when she embarked on large-scale privatisation of the country's state-owned industries. (His actual quote was more nuanced*.)

About 3,000 people, including former high-ranking officials and members of Communist Party think-tanks, signed an open letter to the National People's Congress and the Politburo over the weekend calling for an end to the privatisation of state-owned assets.

Just hours before yesterday's scheduled vote on the privatisation of Japan's postal system in the upper house of the Diet, Prime Minister Junichiro Koizumi got cold feet and delayed the vote until Monday afternoon.

The rationale behind privatisation is said to be twofold. It is hoped that, firstly, the revenue generated by selling off public assets will help ease the budget deficit, and secondly, the introduction of market forces into the management of public assets will improve its efficiency.

Storm clouds are gathering over the government's proposal to privatise the Airport Authority.

The consultation period for the proposal draws to a close at the end of this month, and there is a growing consensus that officials in charge of the process have not made a case for the most fundamental of arguments: why privatise?

THE WRITTEN WORD is my forte. The spoken word can be my weakness. I made a speech to the British Chamber of Commerce last Friday about private sector participation in Hong Kong's economy and I do not think I did it well.

A little over a year ago, the State Council set up a new body to oversee state-owned assets. At the time, many analysts saw this as a prelude to a sweeping campaign of privatisation. The reality is proving somewhat different. In fact, at least in some cases, the new agency may be obstructing state asset sales.